WiseTech shares tumble on news reports police are investigating founder White
Wisetech Global’s logo is pictured at the company’s IPO launch at the Australian Stock Exchange in Sydney, April 11, 2016. Freight and logistics software company Wisetech listed on ASX today with an expected market cap of just under A$1 billion. REUTERS/Jason Reed
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June 22 : Shares of WiseTech Global fell 14 per cent on Monday on widespread media reports that the Australian Federal Police were investigating its executive chairman, Richard White, over claims he exploited a woman’s immigration status for sex and provided false information on a visa application.
Reuters could not independently verify the reports. The news was first reported by the Australian Financial Review.
The federal police told Reuters they will comment “at an appropriate time”. WiseTech did not immediately respond to a request for comment.
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• The AFR article and others said the federal police launched an investigation into White, WiseTech’s billionaire founder, this year after a complaint from the former head of Kyckr, a separate company controlled by White.
• The complaint alleged White made up a reason to hire a woman once employed by WiseTech as a cleaner, and provided false information to the government to get her a visa, the AFR said.
• Shares of the logistics software firm fell as much as 14.6 per cent to A$31.50, the lowest since August 2021. The stock was the top loser in the ASX200 benchmark index, which was trading flat as of 0400 GMT.
Source: Reuters
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